There are three major assumptions; the monetary unit, economic entity, and time period assumptions. The fourth assumption is the going concern assumption. The Monetary Unit Assumption makes it mandatory that only transaction data that can be expressed in terms of money be included in the accounting records. The reason for this is so that a company does not put a dollar value on something that cannot be expressed easily, such as the president of a company.
Xacc Week 8 Assignment In most cases the answer is not whether you can trust your employees but how effectively you are monitoring them.
Internal control means doing just that, setting up methods and measures within an organization to establish control. Companies such as Tyco and Enron are examples of company destruction from a lack of internal control.
With a strong internal control in place companies are able to protect their assets. This includes employees engaging in theft or robbery and takes care of any unauthorized use of any of the assets.
Companies are also able to have reliable accounting financial records. Internal control helps to ensure accuracy in the work. In order for internal control to be functional there are specific control principles in place.
Depending on the size and functions of the business, these principles can alter slightly. The majority of companies follow four internal control principles. These four principles are establishing responsibility, segregation of duties, using physical, mechanical, and electronic controls, and independent internal verification, It is impossible for one person to make sure all areas of the business are perfect.
In order to be the most efficient, companies need to assign the responsibility to certain employees. It makes it easier and There are three major assumptions; the monetary unit, economic entity, and time period assumptions.
The fourth assumption is the going concern assumption. The Monetary Unit Assumption makes it mandatory that only transaction data that can be expressed in terms of money be included in the accounting records. The reason for this is so that a company does not put a dollar value on something that cannot be expressed easily, such as the president of a company.
The Economic Entity Assumption states that the activities of an entity be kept separate and distinct from the activities of the owner and of all other economic entities. An example of this would be the assumption that the activities of Budweiser are different from other breweries such as Coors or Guinness.
The Time Period Assumption states that the economic life of a business can be divided into artificial time periods. This assumption is stating that companies are able to divide their activities in months or quarters for financial reporting purposes.
The Going Concern Assumption assumes that a company will continue to operate long enough to complete their existing objectives. Accounting principles area basically a guideline on how to properly record and report economic events. The revenue recognition principle dictates that companies The accuracy of the financial reporting system depends on answers to a few fundamental questions: At what point has revenue been earned?
At what point is the earnings process complete? When have expenses really been incurred? To boost reported revenue, some dot-coms began swapping website ad space.
No money changed hands, but each company recorded revenue for the value of the space that it gave the other company on its site. Assets are basically an economically valued item owned by an individual or corporation, which most often has a direct conversion rate to cash.
Examples are cash, securities, accounts receivable, in-stock product, business equipment, real-estate, cars, and other valuable property.+ I will only accept facebook friend requests from people I know in person.
+ I will only accept linkedin requests from people I have worked with or had at least a few email exchanges with (remind me on the request if this is the case). xx/xx/xxxx xacc/ week 8 Checkpoint The collapse of Enron back in shows a number of unethical practice. This company shows unethical practice in accounting as well as business.
This company is a perfect example on how unethical behavior of a few people can affect millions of individuals.
XACC week 8 CheckPoint Impacts of Unethical Behavior (SOLVED) Click to Buy 12 USD. XACC week 8 CheckPoint Impacts of Unethical Behavior. XACC week 8 CheckPoint Impacts of Unethical Behavior.
Buy Answer. This question was answered on Jun 24, XACC Entire Course For more course tutorials visit regardbouddhiste.comm Tutorial Purchased: 10 Times; Rating: A XACC Week 1 CheckPoint Accounting. Week Eight Check Point: Impacts of Unethical Behavior Financial Accounting Concepts and Principles XACC Objective Research a company that has been in the news for unethical practices, such as Enron, Tyco, Global Crossing, or World Com.
Post a to word response, as an attachment in the Assignments Tab, that summarizes your ideas about the following: What was the nature of the. Week 8: __ __ CheckPoint: Impacts of Unethical Behavior __ Research a company that has been in the news for unethical practices, such as Enron, Tyco, Global Crossing, or WorldCom.
Post a to word response that summarizes your ideas about the following: o What was the nature of the controversy regarding this companys practices?